May 26, 2023
Net additions to the Employees' Provident Fund Organisation (EPFO) rose by 10.1%
New subscriptions to the Employees' State Insurance Corporation (ESIC) increased by 5.4%
Applications for the National Pension Scheme (NPS) experienced a remarkable surge, reaching 99,206, compared to the 55,890 subscribers added in February
The number of new jobs added to the ESIC saw an increase of 1.31 million, marking the first rise in four months
Formal job creation experienced significant growth in March 2023, with double-digit increases observed across all categories compared to the previous month, according to data from
the Ministry of Statistics and Programme Implementation.
The data revealed that net additions to the Employees’ Provident Fund Organisation (EPFO) rose by 10.1%. Additionally, new subscriptions to the Employees’ State Insurance Corporation (ESIC) and the National Pension Scheme (NPS) increased by 5.4% and 77.5% respectively.
In March, the net additions to the EPF payroll reached 1.34 million, surpassing the 1.22 million recorded in the previous month. This figure represents the highest monthly additions for the 2022-23 fiscal year.
NPS applications experienced a remarkable surge, reaching 99,206, compared to the 55,890 subscribers added in February. This marks the first time this year that NPS applications have approached the 100,000-subscriber mark, as state governments have focused on enrollments. However, the number of new subscribers to the NPS scheme decreased from 59,292 in the previous month to 55,890 in February.
On the other hand, the number of new jobs added to the ESIC saw an increase of 1.31 million, marking the first rise in four months.
The number of people enrolled from state governments in the NPS doubled from 33,132 in February to 66,640. The central government and private sector also witnessed respective increases of 43% and 44%.
Both EPF and Employees’ State Insurance Scheme (ESIC) experienced the highest net additions to their payrolls in the last five years. ESIC, applicable to individuals earning less than INR 21,000 per month, added 15.4 million people, representing a 3.7% increase from the previous year. Net additions to the EPF scheme were 13.22% higher, with nearly 13.9 million subscribers added compared to 12.2 million in 2021-22.
However, despite the impressive growth in NPS numbers, new additions for the 2022-23 fiscal year declined by 11.8% compared to the previous year. In 2022-23, the scheme added 775,865 new subscribers, down from 879,787 in 2021-22.
Economic Times: Economic Times